President Trump on Saturday said he plans to raise global tariffs from 10% to 15%.
"...I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been "ripping" the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level," the president posted on Truth Social.
The announcement was made a day after the U.S. Supreme Court struck down the president's sweeping use of emergency powers to impose tariffs under the International Emergency Economic Powers Act (IEEPA). The 6-3 ruling is a major blow to Trump's economic policy agenda.
Trump said his decision to raise taxes on imports to 15% is based on "a thorough, detailed, and complete review of the ridiculous, poorly written, and extraordinarily anti-American decision on Tariffs issued yesterday."
Many countries were still reeling from Trump's announcement of new tariffs Friday night when he signed a proclamation to impose a temporary 10% hike on imports of goods from around the world. The tariffs would be limited to 150 days.
In the proclamation, Trump cites the Trade Act of 1974 as authorizing the tariffs. Trump made clear on Saturday he plans to continue centering tariffs in his economic policy, despite legal setbacks.
"During the next short number of months, the Trump Administration will determine and issue the new and legally permissible Tariffs, which will continue our extraordinarily successful process of Making America Great Again," he said in the social media post.
The president's proclamation issued Friday said that certain goods from Canada and Mexico covered under a separate agreement with the U.S. would be exempt from the new tariffs. It also said the levies would not apply to certain agricultural products, including beef, tomatoes, and oranges.
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